UB Community Development announces $7 million dollars of New Markets Tax Credit funds for the Skegee Travel Center in Tuskegee, Alabama.
June 27, 2019 – Atmore, AL –UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced $7,000,000.00 in New Markets Tax Credit funds allocated to Skegee Travel Center Holdings, LLC, for the development of the Tuskegee Travel Center. Community Bank Lender David Stewart helped secure financing for the project.
The 10,000 square foot travel center will be located at 3680 Highway 81 North in Tuskegee, Alabama, and when completed, will include a Huddle House Restaurant, Little Caesars Pizza, Krispy Krunchy Chicken, a convenience store, fueling center, gift shop, and Greyhound Bus Station. It will help create an estimated 38 full-time and 9 part-time jobs as well as six direct construction jobs. It is expected that a majority of these positions will be filled from the local community. The project is expected to be completed in 2020.
The project is being completed in conjunction with a master plan targeted at spurring developments within the 100-acre Tuskegee commerce park. The plan calls for the construction of an 85-room branded inn and suites hotel, a welcome center, and four full service restaurants – all of which will be developed adjacent to the project site post-completion. In addition, the commerce park features several “shovel ready” sites that have been identified for light industrial and commercial use. At this time, it is estimated that the additional developments will be approximately $15,000,000.
Local support for this project is tremendous as this is the first development at the interstate. Owner and developer of the property, Jeffrey Potter, is honored to be part of the destination exit for travelers. “I see truckers stopping in. I see cars parking. I see visitors visiting our historical sites. We consider this plan A to the development of Tuskegee.”
Joe Turnham, Macon County Economic Development Authority Director, said, “We estimate at full operation about 300,000 people will come to the travel center each year.”
Tuskegee is located in central Alabama, 40 miles east of Montgomery, and is the county seat of Macon County. It was founded in 1833 and incorporated ten years later. Tuskegee has been an important site in African-American history and highly influential in United States history since the 19th century. In addition to Tuskegee University and Tuskegee Veterans Administration Medical Center, it is also home to the Tuskegee Human and Civil Rights Multicultural Center and Tuskegee Airmen National Historic Site, both major attractions to this historical city.
For more information about UB Community Development, or for help with planning your next funding project, David Stewart, SVP, Commercial Lender United Bank at (251) 943-2026 or email firstname.lastname@example.org.
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About United Bank
United Bank is a $670,000,000 financial institution that has enjoyed 115 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silver Hill, Spanish Fort, and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.
About UB Community Development
UB Community Development’s strong history and experience in New Market Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD the Southeast premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Capital Magnet Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.